The Law of Marginal Utility

The law of marginal utility must be confused neither with bernele's doctrine de mensura sortis, nor with the waber fecner law. Bernele developed a mathematical theory that the increment in gratification diminishes with the increase in a man's total wealth. His statement that for a man whose income is five thousand ducats, one ducat means not more than half a ducat is merely fanciful. The mistakes inherent in the confusion of the vabor or law of psycho physics and the subjective theory of value have already been attacked by max weber.